Ajit Karn
ADB President Masatsugu Asakawa met with Prime Minister Narendra Modi on Tuesday, February 22, 2023, and conveyed the ADB’s intention to provide USD 20 to 25 billion in resources over the next five years to advance India’s aspirations for rapid, inclusive, and green growth.
The Manila-based multilateral lending agency stated in a press release that its president met with the Indian Prime Minister to discuss a variety of issues, including ADB support for India’s infrastructure and social development, and climate actions.
The Asian Development Bank (ADB) is currently finalising the new five-year country partnership strategy (CPS) for India, following extensive stakeholder consultation.
“ADB will provide multifaceted support for India’s top priorities, including the important infrastructure push under the Prime Minister’s Gati Shakti (National Master Plan for multimodal connectivity) initiative, building future cities, mobilising domestic resources, and strengthening basic services in disadvantaged districts,” said Asakawa.
In addition, he congratulated Mr. Modi on India’s assumption of the Group of 20 (G20) presidency and reiterated ADB’s commitment to the G20 agenda.
As a guest international organisation at the G20 meetings and Leaders’ Summit, the ADB is supporting India’s priorities in the finance and sherpa tracks, according to a press release.
In 1986, the ADB commenced operations in India. It had committed USD 52.28 billion in sovereign lending to the country by the end of December 2022 and USD 6.75 billion in non-sovereign lending and investment.
In the transport, urban, energy, human development, agriculture and natural resources, and finance sectors, ADB’s current portfolio in India consists of 64 projects valued at approximately $16 billion.
Mr. Asakawa also met with Finance Minister Nirmala Sitharaman and briefed her on ADB’s efforts to achieve annual regular lending of USD 4 billion from its sovereign operations within the next few years.
According to a series of tweets from the Ministry of Finance, Ms. Sitharaman emphasised laying the groundwork for India@100. The two leaders also discussed the India-ADB Country Partnership Strategy 2023-2027, which is currently being finalised.
“FM suggested to Mr Asakawa that ADB may align its priorities with the Government of India’s vision for #Amritkaal and initiatives such as #EnergyTransition, #PMGatiShakti, #LogisticsPolicy, #IndustrialCorridors, #ClimateChange adaptation, Circular Economy, Health, #MissionKarmayogi, and #SkillIndia,” one of the tweets said.
Mr. Asakawa applauded the Finance Minister’s decision to prioritise green growth in the Union Budget for 2023-2024.
Also read this:Today’s elections are likely to get Delhi’s new mayor after three unsuccessful attempts.
He informed Sitharaman that the South Asia Sub-Regional Economic Co-operation (SASEC) secretariat has been established in the ADB’s India office per the directives of Prime Minister Modi.
